Does anybody remember travel agents? What shopping felt like before Amazon? Hotels before Airbnb or cabs before Uber?
Banking is no different!
Welcome to the age of disruption.
2. De-Risking – Intelligence in Architecture
A few years ago, a bank once sent us an RFI with an unusually open-ended question. The bank pondered – should we launch a digital bank, or should we apply a digital banking layer on top of our core?
This reflects the difficult choices that banks are faced with when confronted with new technology. It also stems from the fear of rip-and-replace and ineffective integration. After all, in Digital Banking, there is a large catalogue of stated needs, but the unstated needs are numerous and hard to predict.
At Intellect, we have realised that it does not have to be one or the other. Whether your transformation is channel-led, or product processor led, it should not be defined by the bank’s current technology state. We need to enable the shift from iteration to disruption. And CBX-Retail is the answer.
CBX-Retail runs atop the Digital Banking Enterprise System (DBES). With DBES, we de-risk on two fronts. On one hand, implementation and go-live will happen without undue friction. And on the other, you achieve agility to capture opportunities that might arise in the future.
You can launch rapidly on digital, while minimizing the burden on your core. In fact, 70% of the workload can be managed at the channel level itself. And with product configurators, pricing engine, Open Banking and marketplace APIs bundled inside, you’re ready for the future.
If disruption takes imagination, Digital Leadership takes re-imagination.
This is the overall architecture of CBX-Retail. A very practical grouping of boxes at first glance. When translated into actual user journeys, it reveals some of the most advanced innovations in financial technology today.
Our user-journey based approach has allowed us to walk in the shoes of the end customer, to observe his pain points and also to imagine his aspirations. The result of that exercise is that we have been able to push the limits of what is possible, when domain and technology connect.
We have been able to innovate.
This primer is a sneak peek into that innovation. It is what intelligence-infused banking looks like. In the following pages, we will attempt to showcase five Intellect-exclusive innovations